PBGC Waives Pension Liability Claim in GMAC Sale

The PBGC has assured General Motors that as a result of its sale of a majority interest in General Motors Acceptance Corporation, the agency will not take action to terminate the GM pension plan nor impose liability on the GMAC purchaser.  Resolution of the threat that the agency would view the GMAC sale as a stretegy designed to evade pension obligations had been a major condition of the sale.  [GM 8-K]